Beautiful Setup for US Dollar / Norwegian Krone
Pair has surged ~2% during the last week reaching a multi-week high and fell from it several days ago. Price seems to have bottomed below 9.00 level, from where it jumped up suddenly.
We now notice that a bullish flag is slowly being shaped and is able to break at any time, opening the gates for 9.15 and then for further bullish waves, assisted by the ambitious Dollar strength which is yet to come.
A dive in the red zone I have drawn means either that market needs more orders to shoot high or that sellers have won the medium-term game and will drive the price down, with no support anywhere close.
We stay patient while the flag hasn't completed yet so we have to see a break in order to place any trade, either to the long side or to the downside.
We now notice that a bullish flag is slowly being shaped and is able to break at any time, opening the gates for 9.15 and then for further bullish waves, assisted by the ambitious Dollar strength which is yet to come.
A dive in the red zone I have drawn means either that market needs more orders to shoot high or that sellers have won the medium-term game and will drive the price down, with no support anywhere close.
We stay patient while the flag hasn't completed yet so we have to see a break in order to place any trade, either to the long side or to the downside.
Comment:
Price is moving towards the lower boundary of the flag. Bullish scenario still valid
